投资自由化对中国对外直接投资规模的影响研究

发布时间：2018-05-02 08:03

本文选题：投资自由化 + 外向投资自由化　；参考：《对外经济贸易大学》2016年博士论文

【摘要】：中国自实施“走出去”战略以来对外向投资政策进行了重大改革,同时每年许多国家都对其内向投资政策进行调整,总体上来说,中国的外向投资政策正朝着自由化的方向发展,世界各国的内向投资政策大部分也趋向自由化。本文认为一国的对外直接投资规模受到该国外向投资政策和相关东道国内向投资政策的影响,母国外向投资政策又可以分为外向投资国家政策和外向投资国际政策,东道国内向投资政策同样也可以分为内向投资国家政策和内向投资国际政策,其中国家政策指一国在国内自主实施的与直接投资相关的政策,国际政策指一国通过与他国签署国际投资协议而形成的与直接投资相关的政策。中国对外直接投资规模持续快速增长,2012-2014年中国对外直接投资流量额都位居全球第三,本文以中国对外直接投资规模为研究对象,分别从中国和东道国的角度分析了投资自由化对中国对外直接投资规模的影响。全文共分为6章。第1章为引言,概要介绍选题背景及意义,明确研究内容及目标,确定研究思路及方法,并对核心概念进行界定,最后简要概括本论文的创新点及不足之处。第2章为文献回顾,对研究投资自由化及投资自由化效应的文献进行回顾,概括目前学者在该领域已取得的学术成果,总结出尚未引起大量关注的研究领域,为下一步研究提供方向。第3章为投资自由化影响对外直接投资规模的理论分析,分析了外向投资政策和内向投资政策自由化产生及兴起的原因,基于五种投资自由化效应理论,构建出投资自由化影响母国对外直接投资规模的机制,为第4章和第5章的实证分析提供理论基础和假设。第4章和第5章为实证研究部分,其中第4章为中国外向投资自由化影响其对外直接投资规模的实证研究,对外向投资自由化的内涵进行了界定,介绍了中国外向投资国家政策和外向投资国际政策自由化的发展历程,基于1980-2014年中国国家层面的时间序列数据,使用误差修正模型、脉冲响应函数以及方差分解等方法实证检验了中国外向投资自由化与中国对外直接投资规模的关系,结果表明中国的外向投资国家政策自由化和外向投资国际政策自由化都显著促进了中国对外直接投资规模的增长,且外向投资国际政策自由化的促进作用要大于外向投资国家政策自由化的促进作用。第5章为东道国内向投资自由化影响中国对外直接投资规模的实证研究,对内向投资自由化的内涵进行了界定,概括了东道国内向投资自由化现状、特点,基于2003-2014年中国至173个东道国的国家面板数据,使用普通最小二乘法和系统广义矩法实证分析了东道国内向投资自由化对中国对外直接投资规模的作用,并按照人力资本禀赋和物质资本禀赋对东道国进行分类,进一步探讨中国至不同类型东道国投资时内向投资自由化的作用是否一致;结果显示东道国内向投资国家政策自由化并没有促进中国对外直接投资规模增长,内向投资国际政策自由化的促进作用却很显著,发达东道国与发展中东道国的内向投资自由化对中国对外直接投资规模的影响大体一致,只是发达东道国与更多其他国家签署国际投资协议会缩减中国至该类东道国的对外直接投资规模,而发展中东道国对外签署更多国际投资协议却扩大了中国至该类国家的对外直接投资规模。第6章对以上章节内容进行总结分析,基于结论提出促进中国对外直接投资规模增长的外向投资政策改革建议,分别从外向投资国家政策和外向投资国际政策方面提出建议,前者包括深化改革外向投资管理体制和外汇管理体制、完善财税及金融政策、督促地方政府落实国家政策、促进投资政策与贸易及外交政策的融合,后者包括继续积极参与国际投资协议的签署并适时修订原有投资协议的内容、与不同东道国签署侧重点不同的投资协议、签署多边或区域投资协议、尽快实施已经签署的投资协议。本文的创新之一是研究视角的创新,以中国为研究对象,研究投资自由化对发展中国家对外直接投资规模的影响;创新之二是多层面、多视角的研究,将投资自由化按照实施层面和实施主体进行划分,分别研究了外向投资国家政策、外向投资国际政策、内向投资国家政策、内向投资国际政策这四类政策自由化对直接投资规模的影响;创新之三是实证分析更细致,依据投资协议条款内容对国际投资协议进行分类量化,更精确地衡量国际投资协议所体现的投资自由化程度。研究不足主要存在以下两点:1.本文基于五种投资自由化效应理论构建了投资自由化影响母国对外直接投资规模的机制,然而投资自由化效应理论几乎都假定投资母国为发达国家,这个假设与中国的现实情况不符;2.在做实证分析时,由于国家政策内容繁杂且不统一,没有依据投资政策内容设计评分指标来衡量国家政策的投资自由化程度,转而使用其他指标来作为国家政策投资自由化的代理指标,对国家政策自由化程度的衡量或许存在偏差。
[Abstract]:Since the implementation of the "go global" strategy, China has carried out a major reform to the foreign investment policy. At the same time, many countries have adjusted their internal investment policies. In general, China's foreign investment policy is developing towards liberalization, and most of the countries' internal investment policies tend to be liberalized. The scale of the foreign direct investment of a country is influenced by the foreign investment policy and the domestic investment policy related to the host country, and the foreign investment policy of the home country can be divided into the policy of export-oriented investment and the international policy of export-oriented investment, and the domestic investment policy of the host country can also be divided into the internal policy of internal investment and the international policy of introverted investment. The national policy refers to the policy related to direct investment by a country at home. The international policy refers to the policy related to direct investment by one country through the signing of the international investment agreement with other countries. The scale of China's foreign direct investment has continued to grow rapidly, and the volume of foreign direct investment flows in China is the largest in the world in the 2012-2014 year. Three, this paper, based on the scale of China's foreign direct investment, analyzes the impact of investment liberalization on the scale of China's foreign direct investment from the perspective of China and the host country. The full text is divided into 6 chapters. The first chapter is an introduction, which gives a brief introduction to the background and significance of the topic, the contents and objectives of the study, and the determination of the research ideas and methods, and the core of the research. The concept of heart is defined, and finally the innovation points and shortcomings of this paper are briefly summarized. The second chapter reviews literature review on the literature of investment liberalization and investment liberalization, summarizes the academic achievements made by scholars in this field, summarizes the research fields that have not attracted much attention, and provides the next step of research. The third chapter is the theoretical analysis of the impact of investment liberalization on the scale of foreign direct investment. The reasons for the emergence and rise of the liberalization of foreign investment policy and inward investment policy are analyzed. Based on the five theories of investment liberalization, the mechanism of investment liberalization to affect the size of the foreign direct investment of the home country is established, which is the empirical analysis of the fourth and the fifth chapters. The analysis provides the theoretical basis and hypothesis. The fourth chapter and the fifth chapter are the empirical research part. The fourth chapter is the empirical study on the impact of China's outward investment liberalization on the scale of foreign direct investment. The connotation of the liberalization of foreign investment is defined, and the development of the national policy of China's outward investment and the liberalization of the international policy of export-oriented investment is introduced. The course, based on the time series data at the national level of 1980-2014 years, uses error correction model, impulse response function and variance decomposition to verify the relationship between China's export-oriented investment liberalization and the scale of China's foreign direct investment. The result shows that China's foreign investment national policy liberalization and extroverted investment are international affairs. The liberalization of foreign direct investment in China has greatly promoted the growth of China's foreign direct investment, and the promotion role of the liberalization of international policy for outward investment is greater than the promotion of the liberalization of foreign investment countries. The fifth chapter is the empirical study on the impact of investment liberalization in China on investment liberalization in the host country, and the liberalization of inward investment. The connotation is defined and the current status and characteristics of investment liberalization in the host country are summarized. Based on the national panel data of 2003-2014 years from China to 173 host countries, this paper uses the general least square method and the system generalized moment method to empirically analyze the role of the investment liberalization in the host country to the scale of China's foreign direct investment, and according to the human capital endowment. The endowment and material capital is classified to the host country to further explore whether the role of inward investment liberalization is consistent between China and the different types of host countries. The result shows that the liberalization of the domestic policy towards investment countries does not promote the growth of China's foreign direct investment and the promotion of the liberalization of the internal investment international policy. It is very significant that the influence of the developed host countries and the developing countries' introverted investment liberalization on the scale of China's foreign direct investment is generally consistent, but the signing of international investment agreements with more developed countries and more other countries will reduce the scale of foreign direct investment from China to the host countries, while developing the Middle East countries to sign more foreign countries. The international investment agreement has expanded the scale of the foreign direct investment of China to such countries. The sixth chapter summarizes and analyzes the contents of the above chapters. Based on the conclusion, it puts forward the suggestions for the reform of foreign investment policy to promote the growth of China's foreign direct investment, and puts forward suggestions from the policy of foreign investment and the international policy of outward investment respectively. The former includes deepening the reform of foreign investment management system and foreign exchange management system, perfecting fiscal and financial policies, supervising local governments to implement national policies, promoting the integration of investment policies with trade and foreign policy. The latter includes the continued active participation in the signing of international investment agreements and the timely revision of the content of the original investment agreements with the different East. Dao States sign different investment agreements, sign multilateral or regional investment agreements, and implement the investment agreements that have been signed as soon as possible. One of the innovations of this article is the innovation of the research perspective, and the study of China as the object of research, to study the impact of investment liberalization on the scale of foreign direct investment in developing countries; the two of innovation is multifaceted and multi perspective. In the study, we divide the investment liberalization according to the implementation level and the implementation subject, and respectively study the effect of the four types of policy liberalization on FDI, the international policy of export-oriented investment, the inward investment national policy, the inward investment international policy and the impact on the scale of direct investment. The new three is the more detailed empirical analysis, according to the investment agreement article. The article classifies and quantifies the international investment agreements, and more accurately measures the degree of investment liberalization embodied in the international investment agreement. There are two main points in the study: 1. this paper constructs the mechanism of investment liberalization to affect the size of the foreign direct investment of the mother country based on the theory of five kinds of investment liberalization effect, however, the effect of investment liberalization is effective. It is almost assumed that the investment country is a developed country, which is not consistent with the reality of China. 2. in the case of empirical analysis, because the content of the national policy is complex and ununified, it does not measure the degree of investment liberalization of national policy according to the design score index of the investment policy, and then uses other indicators to act as a state administration. There may be some discrepancy in the measurement of the degree of liberalization of state policies by proxy indicators of investment liberalization.

【学位授予单位】：对外经济贸易大学
【学位级别】：博士
【学位授予年份】：2016
【分类号】：F832.6

【参考文献】